Agency offers homeowners foreclosure assistance

Monday

Mar 18, 2013 at 4:38 PM

Davidson County Community Action is providing free assistance to homeowners facing foreclosure.

BY DENEESHA EDWARDSThe Dispatch

Davidson County Community Action is providing free assistance to homeowners facing foreclosure.The nonprofit organization received $115,000 from the North Carolina Attorney General's initiative under the National Mortgage Settlement. Along with 47 other agencies, DCCA received a cut of $13 million to offer help to homebuyers and owners."Our share will expand staff and provide better services," said Charles Holloway, executive director of the nonprofit organization.DCCA provides employment, education, standard housing, personal development and financial management services to the disadvantaged in the county. The money allotted, managed by the North Carolina Housing Finance Agency, will be used for individuals in Davidson, Randolph, Rowan, Davie, Forsyth, Guilford and Cabarrus counties.Holloway said people need to come to the agency to see if they qualify. One of two things will happen — the person could receive up to $38,000 toward their mortgage, or they will be eligible for the loan modification program where the agency will work with the bank to modify loans. Holloway noted the main objective is to counsel the individuals on their options to avoid foreclosure. He said people cannot receive assistance if they don't come in."We're just trying to save homes," Holloway said.The agency can also assist eligible homeowners who have lost their jobs apply for loans from the North Carolina Foreclosure Prevention Fund to make their mortgage payments while they are looking for a job or complete job training. These zero-interest loans are offered by the North Carolina Housing Finance Agency using funds from the United States Treasury and are considered satisfied after the homeowner has continued to live in their home for 10 years, according to a news release.A news release from the agency gave tips to homeowners facing foreclosure: • Don't wait too long. The earlier a homeowner seeks help, the more and better options they have for saving their home. Homeowners should open and respond to all mail from their lenders and from the North Carolina Housing Finance Agency.• Talk to a legal services attorney if they have already received a foreclosure notice. North Carolina has a network of legal aid attorneys that provide help at low or no cost.• Homeowners who have already experienced foreclosure may still be eligible for monetary restitution under the National Mortgage Settlement if their loan was originated or serviced by Ally/GMAC, Bank of America, Citi, JP Morgan Chase or Wells Fargo. To learn if they are eligible, homeowners should go to www.nationalmortgagesettlement.com • Avoid foreclosure prevention companies and foreclosure recovery scams. Homeowners should read and understand the terms of all documents, never appoint a foreclosure prevention company to act on their behalf and seek professional advice from an attorney, a real estate professional or a HUD approved housing counseling agency. Homeowners who believe they were the victim of a foreclosure recovery scam should contact the North Carolina Attorney General's office at (877) 5-NO-SCAM.Holloway said to date they have assisted 103 families and secured loans for more than $2 million. "We're getting people in every day," he said. "People need to come in to see if they qualify."Deneesha Edwards can be reached at 249-3981, ext. 213, or at deneesha.edwards@the-dispatch.com.